Our first enforcement action against a payday lender

Today we’re announcing an enforcement action against payday lender Cash America International, Inc., one of the largest short-term, small-dollar lenders in the country. The company has agreed to reimburse up to $14 million to approximately 14,000 people for robo-signing practices related to debt collection lawsuits. The company will also pay a $5 million penalty for the violations and other misconduct.

Who is eligible for a refund?
You may be eligible for a full refund if you paid money because of a collections lawsuit from January 1, 2008 through October 1, 2012 to any of the following companies:

Ohio Neighborhood Finance, Inc., d/b/a Cashland

Cash America Pawn, Inc. of Ohio

Cashland Financial Services, Inc.

Cash America Net of Ohio, LLC

Ohio Neighborhood Credit Solutions, Inc.

CNU of Ohio, LLC.

If you have not already received your refund, or think you received the wrong amount of refund, please contact the company administering the refund no later than May 19, 2014. You can call them at (877) 524-8480 or find more information on their website: www.voluntaryloanrefundprogram.com

Problem with a payday loan?
You can submit a complaint online or by calling (855) 411-2372.

You can also get clear, unbiased answers to questions about payday loans on Ask CFPB.

WTF YOU PEOPLE ARE JACKA$$’S IF YOU DIDNT PAY YOURE BILL WHATS THERE TO ROBO SIGN HEY LETS JUST MAKE UP FU$%ING RULES AND GARBAGE THAT MAKES NO SENSE SO WE CAN STEAL MONEY FROM LEGIT BUSINESS’S THAT ARE TAKING CHANCES ON CRACK HEADS THIS IS WHAT THE GOEVORMENT DOES THEY ACT LIKE THE MAFIA THEY ARE WORST THEN THE MAFIA YOU PEOPLE IN GOVERMENT HAVE PROVED YOURSELF TIME AND TIME AGAIN TO BE NOTHING MORE BUT LAW MAKING MANIPULATING THIEFS BOTTOM LINE YOU SCUM $HIT

TheTruth

what’s great is how dumb your comment is and you don’t realize it. 1) the article is about cracking down on a payday lender and has nothing to do with mortgages, big banks or robo-signers. 2) it’s jackasses, not jackass’s. 3) so the gov’t is acting as the mafia when they try to stop predatory payday lenders? i think you have it backwards. 4) ALL CAPS and swears make your arguments much less persuasive.

Reality Check

The interest that is charged by Payday lenders is lower than the standard fee rates that most banks provide. Someone with an average balance of $100 per month in a checking account that pays a $7 per month checking fee is paying 7% per interest rate on their own money. That is 84% annually. Far more than a pay day lender charges. We have to remember that banks do not provide lending to EVERYONE, and pay day lenders represent a service that is needed in the market place. If someone loses their hot water heater a month after a bankruptcy and needs to provide their children with hot water, a payday loan may be the only option they have. That seems rather fair to me.

Truth about payday lending

Reality Check – the truth:
No matter how many lobbyists the payday lending industry employs in Washington DC, the simple fact is that payday lenders make 90% of their revenues on hard working Americans who can’t afford to pay off their loans. They are trapped in a cycle of debt. No matter how nicely the payday lenders try to describe the services they provide. The fact is that this is predatory and abusive lending. If they aren’t allowed to lend to the military anymore why should they be allowed to lend to anyone.

Also a small fact about the largest payday lender based in the US but now owned by a Mexican billionaire. That company has a person dedicated to finding online polls about the industry and when they find these polls they email the entire company and have them respond favorably to the polls for the industry. Just one small example of the sleaziness of the company and the industry.

jhn

sounds like a private sallie mae student loan, a lifetime of inescapable debt.

Truth about payday lending

Did you know that Enova a subsidiary of Cash America is the online lender for Advance America? This should have some repercushions for Advanve America as well.

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